Chrysalis VCT plc (the "Company")
30 October 2020
Publication of Circular re. Winding-up and Related Party Transaction
It was announced on 21 August 2020 that the Board intended to put to Shareholders a proposal for the solvent winding-up of the Company. A circular explaining the proposal for the winding-up and the actions which are required for its implementation, together with details of a proposed related party transaction, has been published and will be posted to Shareholders shortly, together with a notice of a closed General Meeting of the Company to be held at 4 p.m. on 26 November 2020.
The related party transaction involves a variation to the service agreement of Chris Kay, a director of Chrysalis VCT Management Limited ("CVM"), a subsidiary of the Company. Subject to Shareholders’ approval, the agreement with CVM will be varied to provide for a salary of £18,000 p.a. and such amount as reduces the net assets of CVM to below £10,000, subject to its working capital requirements for the following period of 12 months.
If the resolutions are passed at the General Meeting, this will result in the cancellation of the listing of the Company's Shares on the Official List, which is expected to take place on 27 November 2020, and the Shares ceasing to trade on the London Stock Exchange.
Notice of General Meeting
30 October 2020
Deadline for receipt of Proxy Forms
4 p.m. on 24 November 2020
Suspension of the listing of the Shares on the Official List
7.30 a.m. on 26 November 2020
4 p.m. on 26 November 2020
Expected date of cancellation of the listing of the Shares on the Official List
8.00 a.m. on 27 November 2020
A copy of the circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Grant Whitehouse Company Secretary 0207 416 7780